Forum Replies Created
Better price the Maldives Robo, maybe only enough for 7 days.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
There are numerous formats of course, they each must satisfy the local legislation to be valid.
It’s a legal letter with strict legal requirements. Otherwise it’s invalid, and can be later challenged, and in the event of a successful challenge, you may have to repay the amount of “invalid” rent increase for however long you’ve been charging it. Here’s the format I used to satisfy legislation in NSW. It’s just factual and makes no attempt to soften the arrival of a rent increase.Date : 12 th June 2004
To : John & Mary Smith
Mailing Address : 27 Green St Taranaki
Premises : 27 Green St Taranaki
Re : Notification of Rent Increase.
You are hereby notified that the rent on the abovementioned premises you occupy will be increased to $250.00 per week effective from the date of 16 th August 2004 in line with current market levels. This provides more than the required 60 days notice, and coincides with your usual rent payment cycle of Mondays.
The last rent increase was on 14 th January 2003.
Please contact us immediately if you have any queries.
Yours faithfully
Joe Bloe
Joe Bloe Real Estatethecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Poor ol’ tenant sounds like a disposable slave. It’s not easy finding a good tenant, so i suggest waiting for April, but give the tenant plenty of notice before April so he can move or go on the holiday (that bit sounds great, good onya chefman). sizzlin duck sounds like a good landlord too, I know tenants in Cronulla who’ve been there for 17 years, same unit, unbelievable, paid for it a few times over. They moved, 2 floors up.
look after the tenants.[wink]
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
checkout OSR website or ring htem – Office of State Revenue.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Anyone like to give us a little rundown on USA conditions for IP’s, any info would be interesting. The USA economy is improving we hear, may be this is a good time for investors.How does the taxman treat Australians, or absentee investors ? How do property managers operate ?
What are typical buy and sell costs ?
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
s’pose these details should all be in your members stats, but the extra comments are nice, forums can be cold. i sacrificed all the excitement of a PM rent roll of 170 properties for a motel, good deal.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
I would guess that the finance holding up the Smith empire is dependant on the credibility of the valuers in question. It would probably be in Mr Smith’s best interests not to have the “pillars” of his temple tested, so a very likely outcome is a quiet settlement, as soon as Mr Smith becomes convinced the complainant is serious and not a quitter.
what a tangled web we weave . . . .
it’ll be worth watching
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Been a PM in NSW, not much fun sometimes. Declining tenancy applications is a perilous activity and should be handled with care. PM’s don’t have to give a reason why an application is declined, so they don’t.
Lease clauses are contentious and the Residential Tenancies Act doesn’t support some of them.
e.g. “tenant must get carpet professionally cleaned upon vacating” – not supported, however, “tenant must leave premises in the same state as when moving in, except for fair wear & tear”, is supported. So, condition report should mention that the carpets were professsionally cleaned before the tenant moved in, and then mention in additional clauses that the tenant must do the same on departure, then you stand a chance.
Ask the prospective PM for a copy of the “usual” additional clauses landlords are now using.
Re the unpaid rent fee – grasping smoke here, if you can’t collect the rent you can’t collect a late fee, and it’s most likely their tenancy act is also weighted in favour of the tenant, like NSW.Also, any move to amend legislation for a late fee on rent would attract a proposed amendment for a late fee (read rent reduction) on repairs and maintenance levied on landlords. Tribunals can already so order, but at their discretion, not arbitrary.
KISS method works in most cases. Best way to avoid rent arrears which are the most infuriating nuisance, is to buy good properties, charge fair rent, repair and maintain like greased lightning, and SELECT GOOD TENANTS because they’re the people PM has to deal with. Crap begets crap.
there’s a blunt and tactless 2 cents worth, but it’s from the front line.
good luck
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
My suggestions ( 2 cents worth at least) – You already have a good IP, no need to throw away that effort. You need to establish a legal agreement with the PM, after discussing and refreshing both memories about the arrangement.Make the managing agency agreement reflect the arrangement. Give the PM 2 weeks to find a tenant, providing you with all copies of applications (declined or otherwise). If no action, then the agent is inactive, find an agent who has a higher enquiry rate and some traffic through their door.Pay the old PM for the ads and something for her trouble. Don’t be surprised if you have to deal with that agency again, it’s a small world.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
PM looks pretty lame. Request from the agent immediate copies of the following documents in the agent’s possession:
lease copy being used by the agent
rent record
all correspondence with the tenant
ingoing & outgoing inspection reports
managing agency agreement they are using
all bond forms used
all periodic inspection reports.
Doesn’t matter if you already have copies, you want copies of what they have and are using to “manage your property”.
After you have the documents, or 2 weeks later whichever comes first, send a letter of demand to the agent for compensation for your losses, but only those which the agent could and should have prevented. At the same time, apply to the Tribunal for a hearing to receive a judgement and compensation from the tenant, and from the PM. Include a copy in your letter of demand to the PM. They then have about 2 weeks to settle with you before a hearing. Don’t budge an inch, don’t be greedy, go through to the finish, they will not.cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Don’t have residential equity, yet. Watch this space.[biggrin]
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hope this data helps someone.
St George. Commercial loan for purchase of motel. 7.42% P&I 10 years with LOC 7.92%. Actual LVR 54% , limit of 60%. No entry fees. $600 p.a. a/c fees, $350 break cost. Had to pay commercial int rates unfortunately. Wish I had known before that if you use res prop as security to buy commercial, you get res loan rates. I keep thinking the incline on the learning curve is reducing until I can see more curve.
good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Spent a month searching the finance options. Just financed with St George, priced everyone else, 3 brokers said they couldn’t beat the St George deal. Couldn’t fault STG with service, communications, flexibility. Not pro-active though, I had to know all the options and ask myself. PM me if you want a contact there.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
As a former PM, I have to agree with those who motivate the PM. They are the key to it all. I expect tenants to abide by the lease, it’s a business deal. I expect property owners to abide by their responsibilities too, otherwise I hand them back the property and the management because I don’t want to be sued by a tenant. So, best target is both parties abide by the lease, tenant pays rent on time and looks after the property, while landlord provides fast service on repairs and maintenance. hope you got a good PM and good tenants. cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
If you pay for the valuation, demand a copy. I paid for a valuation on a commercial property (ouch) several months ago and insisted on being sent my copy in the same format and quality as the one the Bank gets, after all, I paid for it.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Trojanhunter is good, free trial offer is also useful. Symantec.com.au site has a free scan service for viruses & trojans.
cheers
crest133thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Been a PM, it’s a tough spot between the rock and the hard thing. Licencees are reluctant to overstaff in this area, but demand regular increases in total managements, so PMs are usually stretched, and on a treadmill. I would hesitate to place a property in a PM’s hands where the property ratio to personnel exceeded 140:1. Ask them how many staff and how many properties they manage.
Better to retire your PM gracefully I believe.
The end result is the same and your new PM will see how you do business, and respond accordingly.
Less hassle to ask the new PM to make all the arrangements, starting with a copy of your existing managing agency agreement, you can be sure the new PM will enforce the earliest transfer possible. Hope you get a good one. good luck
cheers[biggrin]
crest133thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Been a PM myself, not the greatest job in the world, but IMHO definately the fastest hardest school there is. Suggest you ask for the complete file on all matters relating to the property and the current tenants, including all correspondence to and from, maintenance done, repairs, yes rent record already mentioned is a must, and ask the PM for an opinion of the property as a rental, pros & cons, suggestions etc. might help to get a feel for the PM’s management style. You already know it’s not practical to manage it at a distance yourself, so crank up the PM, get them onside and hope they’ve got the skills. If not, find another one.
good luck [biggrin]
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
If the buyer is willing to or can substantiate that the first agent did not respond to her second approach, and you as vendor can substantiate that the first agent did not pass on to you her renewed approach, then the first agent is not entitled to the commission because he is most likely guilty of firstly “not acting in the vendor’s best interests” and secondly, not acting at all. Try and collect a commission on either of those, and the agent might have a case to answer himself. good luck
cheers
thecrest[thumbsupanim]thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi all, I’m new on your forum. It looks like debate is alive and well here, and that’s a healthy sign. I appreciate the opportunity to be here on your forum, to access info and hopefully to provide some when appropriate. If I’m lucky, might even meet some interesting people as well.I’ve been a PM and now operate a motel. Looking for another cf+ investment. Don’t think you need worry about declining numbers, quality beats quantity, and it looks a great forum to me. Cheers
thecrest [biggrin]thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
